Virginia Mortgage Calculator
Estimate your monthly mortgage payment in Virginia based on the state median home price of $400K, a 0.82% property tax rate, and $2K/year homeowners insurance.
Why This Matters in Virginia
In Virginia, property taxes average 0.82% of assessed value. On the state median home of $400K, that adds $273/month to your mortgage payment — close to the national average. Combined with $142/month for homeowners insurance, your non-mortgage housing costs in Virginia total $415/month before you even account for principal and interest.
Virginia's median home price of $400K is in the moderate range nationally. Most conventional loan programs with 5-10% down are well-suited for this price range.
What to Expect for a Mortgage Payment in Virginia
On the median Virginia home priced at $400K, a buyer putting 10% down at a 6.5% rate would face a principal-and-interest payment of roughly $2,275 per month. Add $273/mo in property taxes and $142/mo for homeowners insurance, and the total PITI comes to approximately $2,690 each month. That median price sits about 14% above the national median of roughly $350K, which directly shapes how much house most Virginia borrowers can realistically target.
At $400K, Virginia's median home price falls in a moderate range nationally. Buyers have the full spectrum of financing options available: conventional loans at 5–20% down, FHA loans at 3.5%, and VA loans at 0% for eligible veterans. Putting 20% down ($80K) eliminates PMI and drops the monthly payment to roughly $2,438, saving about $252 per month compared to the 10%-down scenario.
Homeowners insurance in Virginia averages around $2K per year, which adds $142 to the monthly PITI. This is manageable relative to many other states. To bring the total payment down further, consider the Virginia Housing DPA Grant program, which offers up to 2.5% grant for qualifying buyers — reducing the down payment barrier and potentially lowering your loan amount.